Luxury homes in high demand as Melbourne's premium property market thrives
Melbourne’s premium property marketing is thriving, with trophy properties fetching multi-million-dollar results as winter approaches.
Trophy properties in Melbourne are in high demand with homes fetching multi-million-dollar results as winter approaches, new data shows.
An analysis by CoreLogic shows wealthy home owners and investors both in Australia and overseas are willing to shell out high amounts in order to secure a property in prime Melbourne locations such as Toorak, South Yarra and Hawthorn.
The data shows properties worth $15 million - $25 million are in demand, with suburb records being broken in private boardroom auctions. Interest in the $2 million - $5 million bracket is also strong with several hockingstuart properties returning multi-million results over the past month alone, and one Brighton East auction fetching a whopping $4.5 million.
The value of the Australian dollar, business performance and domestic and international share markets are key motivators for prestige buyers, many of whom have a high net-worth.
What’s more, many are expats planning to buy when they return to Australia, while some are seeking a Melbourne base for when they swan in during the Australian Open or Grand Prix.
While not everyone can afford to splash cash on a $15 million home, the interest in Melbourne’s top tier properties is a positive sign for the market overall. Demand in the top end often has a trickledown effect to middle and lower end homes, keeping the market buoyant.